KEY POINTS:
Alinghi boss Ernesto Bertarelli has hit out at the race committee after race three of the America's Cup, saying the conditions were like "Las Vegas".
Team New Zealand went into race four this morning after a nail-biting 25s win over the defenders in Valencia yesterday.
After a two-hour postponement because of shifty winds the race committee started the third race right on the 5pm deadline, satisfied that conditions were as good as they would get.
What followed was one of the best races in America's Cup history.
Not only did the lead change several times but Team New Zealand nearly lost mid-bowman Richard Meachem overboard. They were then forced to grapple with their big red gennaker which got caught in the jib sheeting system.
After leading the Swiss comfortably around the first mark Team New Zealand were overtaken by the Swiss on the second beat. However they clawed their way through a masterful display of wind-spotting to pass Alinghi five minutes from the finish.
However, after the race the Alinghi boss was not happy.
"I don't think the race should have happened," Bertarelli said.
"I didn't come to the America's Cup to do this sort of racing. It is match racing at the end of day. It is not offshore where you just have to see whether the wind decides the regatta, the competitors should decide it on their ability.
"The wind should have been way more stable than it was today for the race to take place. I am sure for those who are watching it is exciting, but you can go to Las Vegas. It is not exactly what sailing should be about."
Alinghi trimmer Simon Daubney echoed his boss' sentiments, saying they were disappointed the race went ahead. Team New Zealand, however, were more than happy to line up in the troubled breeze.
Mastman Matthew Mason said they thought they could have started a bit earlier.
Mason, who was part of the 1995 and 2000 Team New Zealand teams, said it was the best America's Cup race he had competed in.
"There was a lot of feeling on the boat today when we finished. Just through the ups and downs of the day I would say, yes."
Mason would not comment on whether they had been any "man love" when the black boat crossed the line.
For Team New Zealand their key to success in the race was securing the crucial first shift that proved to be a beauty. After a slow start on the right Team New Zealand went from being two boat lengths behind to four boat lengths ahead in a matter of minutes. It was a masterstroke from the syndicate's weatherman, Roger Badham, and the afterguard, particularly strategist Ray Davies and wind spotter Adam Beashel.
Now three wins away from regaining the America's Cup, Mason said they just had to take it race by race.
"You can't look down there, that will bite you doing that. We just take each day at a time."
The late Sir Tom Clark would have been proud of Team New Zealand's efforts in the thrilling race.
Sir Tom's ashes were scattered along the start line in Valencia on the first lay day on Tuesday. Sir Tom, who died two years ago, was known as a patron of New Zealand's international yachting ventures.
He was also an adviser and trustee of Team New Zealand and involved during the triumphant America's Cup campaign in San Diego.
He was also a mentor of Team New Zealand managing director Grant Dalton.
Before he died Clark was asked whether he believed in Dalton, to which he replied "absolutely".
Among those present in the scattering were Lady Pippa Blake and Team New Zealand's business manager Ross Blackman.
After race four the teams have a lay day. Race five is on Saturday.
Epic Cup Races
1920, Race 3. Resolute defeats Shamrock IV
Tea baron Sir Thomas Lipton had challenged three times before and with his fourth Shamrock, he finally won a race. Going into the third race against Resolute, Lipton was 2-0 up and on the verge of taking the Auld Mug home. Thirty minutes into the race it looked like Lipton would do it, but as the breeze freshened, Resolute closed the gap and the boats engaged in a dog-fight. Rounding the last mark, the defender nosed in front, but Shamrock slowly clawed back the deficit to cross the line first. Sadly for Lipton, his bigger boat was forced to give Resolute a seven-minute handicap, and so he officially lost the race. Resolute went on to win the match 3-2.
1934, Race 3. Rainbow defeats Endeavour
This was the closest a challenger came to winning the America's Cup before 1983. In the elegant J-class era, aviation magnate Tom Sopwith's Endeavour won the first two races over Rainbow, and in the third - and what should have been deciding - race of the match, Endeavour led by 6 minutes round the final mark. Sopwith needed only to steer a straight course to the line to win the Auld Mug, but Rainbow helmsman Sherman Hoyt knew Sopwith's tactics well, and knew he would always cover his opposition. Sopwith panicked, tacked twice to cover, and lost momentum and the race by almost three minutes. The defender won the next three races to keep the Cup in New York.
1983, Race 7. Australia II beats Liberty by 41s
The match was locked at 3-3 in the best-of-seven series and the United States' 132-year reign was on the line. At the helm of Liberty, Dennis Conner got the edge at the start, and stretched the lead to a minute midway through the race. Around the final windward mark, Liberty led by 49 seconds, but the Australians had been gaining on every spinnaker run. Australia II skipper John Bertrand picked up the windshift before Conner had time to cover, and despite Liberty's 47 tacks on the final beat to the line, Australia II won by 41s to take the America's Cup for the first time.
1992, Race 2. Il Moro di Venezia defeats America3
The well-heeled Italians were predicted to beat Bill Koch's America3 with ease in the 1992 Cup, but found themselves on the back foot after the first race. Il Moro's skipper Paul Cayard won the start but could never shake the defender. Using cunning match-race tactics on the final run, Cayard called for his crew to ease out the spinnaker pole as the two boats battled neck-and-neck towards the line. Il Moro crossed 3s ahead of America3, the smallest winning margin in Cup history - but it was the only race Il Moro would claim in the 4-1 match.
